Pensacola has always been a desirable location for those looking for a coastal lifestyle. With a booming real estate market, the city has seen a steady increase in property values, especially in recent years. We spoke to Kevin Fox, Vice President of sales at Olde City Realty, to get a better understanding of the current state of the local real estate market.
According to Kevin, the city is currently experiencing a housing crisis, and that has allowed prices to remain firm. He believes that this should give both buyers and sellers confidence when it comes to the market. Homes are taking anywhere between 30 to 60 days to go under contract, which is a typical reflection of a normal housing market.
“I’m seeing our less expensive homes, meaning anything under $450,000, stay on the market less than the 60-day mark and things that are over $600,000 are doing anywhere between 60 to 90 days on the market,” says Kevin. Despite this, there is still a steady flow of demand, and the low supply of housing means that there won’t be a significant shift when it comes to home values.
The Gulf Coast is currently experiencing a boom in new construction projects, from Panama City all the way over to the Orange Beach/ Baldwin County area. Kevin explains, “Now that we’ve reached a landing spot in the market in 2023, what you’ll see is a lot of developers pull back their horns a little bit in regards to many of these new home construction projects.”
One notable development that Kevin mentions is the Covington Place townhomes located in the historic North Hill neighborhood in downtown Pensacola. The project started back in 2019 and has seen steady sales, with prices ranging from $500,000 to $850,000. They’re currently working on the final phase, with only nine units left to go.
Kevin also owns a vacation rental business called Foxy Vacations, which gives him a unique insight into the local economy. He believes that the hospitality sector is usually the first to see a slowdown in the economy, but fortunately, people are still traveling and spending money, although they’re more price-conscious than they were in 2020.
In conclusion, Kevin Fox’s experience and expertise in the Pensacola real estate market make him a valuable tool for anyone looking to buy, sell, or invest in the area. Despite the housing crisis, the market remains steady, with prices remaining firm and a steady flow of demand.
Contact Kevin at Olde City Realty for more information on the Pensacola real estate market.
